IAS 27 (Separate Financial Statements) Exam Questions & Answers 2024/2025
False - ANSWERSThe objective of this Standard is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures but not associates when an entity prepares separate financial state...
False - ANSWERSThe objective of this Standard is to prescribe the accounting and disclosure
requirements for investments in subsidiaries, joint ventures but not associates when an entity prepares
separate financial statements.
par. 1
True - ANSWERSThis Standard shall be applied in accounting for investments in subsidiaries, joint
ventures and associates when an entity elects, or is required by local regulations, to present separate
financial statements.
par. 2
False - ANSWERSThis Standard mandates which entities produce separate financial statements. It applies
when an entity prepares separate financial statements that comply with International Financial
Reporting Standards.
par. 3
True - ANSWERSConsolidated financial statements are the financial statements of a group in which the
assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are
presented as those of a single economic entity.
par. 4
False - ANSWERSSeparate financial statements are those presented by an entity in which the entity could
elect, subject to the requirements in this Standard, to account for its investments in subsidiaries, joint
ventures and associates at cost, in accordance with IFRS 9 Financial Instruments, and not using the
equity method as described in IAS 28 Investments in Associates and Joint Ventures.
, par. 4
False - ANSWERSSeparate financial statements are those presented in addition to consolidated financial
statements or in addition to the financial statements of an investor that have investments in subsidiaries
but not investments in associates or joint ventures in which the investments in associates or joint
ventures are required by IAS 28 to be accounted for using the equity method, other than in the
circumstances set out in paragraphs 8-8A.
par. 6
False - ANSWERSThe financial statements of an entity that does not have a subsidiary, associate or joint
venturer's interest in a joint venture are separate financial statements.
par. 7
False - ANSWERSAn entity that is exempted in accordance with paragraph 4(a) of IFRS 10 from
consolidation or paragraph 17 of IAS 28 (as amended in 2011) from applying the equity method should
not present separate financial statements as its only financial statements.
par. 8
True - ANSWERSAn investment entity that is required, throughout the current period and all comparative
periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with
paragraph 31 of IFRS 10 presents separate financial statements as its only financial statements.
par. 8A
True - ANSWERSSeparate financial statements shall be prepared in accordance with all applicable IFRSs,
except as provided in paragraph 10.
par. 9
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